LONDON–Technavio market research analysts forecast the global high-performance electric motorcycle market to grow at a CAGR of close to 42% during the forecast period, according to their latest report.
The report further segments the global high-performance electric motorcycle market by motorcycle type (street and off-road) and geography (APAC, Latin America, North America, Western Europe, and ROW).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global high-performance electric motorcycle market:
- Lower operating and maintenance cost than ICEs
- Growing demand for super sport motorcycles
- Growth in customers confidence due to developed electric car market
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Lower operating and maintenance cost than ICEs
High-performance electric motorcycles have lower operating costs than conventional ICE motorcycles with the same level of performance. In the US, the operating cost of a high-performance electric motorcycle is less than one-fourth of the operating cost of gasoline-driven motorcycles. The operating cost of high-performance electric motorcycles to the operating cost of gasoline-driven vehicles goes even lower in countries with high fuel prices. High-performance electric motorcycles help in saving the cost of fuel and other maintenance charges such as for changing spark plugs and oil and oil filters, with a performance like ICE models.
According to Keerthi Balu, a lead analyst at Technavio for automotive manufacturing research, “High-performance electric motorcycles are low-maintenance when compared with conventional vehicles owing to their simple design. The components and accessories of high-performance electric motorcycles are designed to have a long life. Most of the manufacturers are now focusing on improving the technology and reducing the cost of maintenance to attract more buyers.”
Growing demand for super sport motorcycles
The growth in the sports motorcycles segment is a crucial driver for the global high-performance electric motorcycle market. The zeal to drive high-performance motorcycles and adhere to emission control regulations are pushing customers toward buying high-performance electric motorcycles. Price-sensitivity does affect this market, so the expensive nature of these motorcycles has minimum impact on the growth and revenues. Owing to the growing awareness of the performance level and heritage of super sports motorcycles, consumers are purchasing more, as they are more powerful and efficient than traditional motorcycles.
“The demand for super sports motorcycles is increasing in the global market, owing to racing enthusiasts. This is necessitating high-performance motorcycle manufacturers to make their product available across maximum geographic coverage. The performance and long-term value are also expected to help boost the sales,” says Keerthi.
Growth in customers confidence due to developed electric car market
Companies, such as Tesla, have launched electric cars that are environment-friendly in terms of zero emissions, and more powerful than ICEs. The success of electric cars forced many luxury automakers, such as BMW and Mercedes Benz, to enter the electric cars segment. A similar trend is observed with high-performance motorcycles. Zero Motorcycles is focused on high-performance electric motorcycles and has evolved their product continuously. From 2011 to 2014, Zero Motorcycles quadrupled the mile range, increased the speed by 50%, and increased the horsepower and torque by 150%.
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